24,000 sets of C/O issued for exports to EU, trade ministry says

Update: 16:12 | 18/10/2020
As of October 12, the Ministry of Industry and Trade granted 24,000 sets of certificate of origin (C/O) form EUR.1 for goods export to the European Union countries with total turnover of more than US$1 billion.
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24,000 sets of C/O issued for exports to EU, trade ministry says
Deputy Minister of Industry and Trade Tran Quoc Khanh speaks at the event. (Source: cafebiz.vn)

Deputy Minister of Industry and Trade Tran Quoc Khanh announced figure at a meeting on evaluating the implementation of C/O under the EU-Viet Nam free trade agreement (EVFTA) in Ho Chi Minh City on October 17.

Viet Nam gained US$3.77 billion and US$3.54 billion from exporting to the EU in August and September, up 2.9% and 7.9% against the same periods last year, respectively.

The number of granted C/O forms under EVFTA is much higher than that under the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), said Khanh, adding that the outcomes are encouraging amid the COVID-19 pandemic.

Top ten export items with highest number of granted C/O forms under the EVFTA within the recent two months are footwear, aquatic products, plastic, garments, coffee, vegetables and fruits, iron and steel, vehicles and tools, rubber and rice.

The EVFTA, which took effect on August 1, marks a new chapter in Viet Nam-EU relations, and together with the EU-Singapore FTA, paves the way for more trade agreements with other ASEAN members and the EU, or even an ASEAN-EU multilateral FTA.

The EVFTA is an ambitious trade pact as it will ultimately scrap duties on 99% of all goods traded between the EU and Viet Nam. According to the Ministry of Planning and Investment (MPI), the FTA is expected to help increase Viet Nam’s GDP by 4.6% and its exports to the EU by 42.7% by 2025.

Under the agreement, Viet Nam will cut 65% of import tax on EU commodities right after the deal takes effect, while the rest will be erased in a 10-year period.

Meanwhile, the EU will cut more than 70% of tariff on Viet Nam’s commodities right after the deal takes effect, while the rest will be abolished in the seven subsequent years.

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(Source:VGP)